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Today we have Josh from Money Life Wax- a personal finance blog designed for millennials. In 2015 he realized that his financial were in a mess and decided to do something about it, so in February 2016, he put a ring on his girlfriend’s finger and then they decided to get serious about their future.

Together they had over $300k worth of student loan debt so it really took some serious planning for them to start tackling their debt.

Welcome!

[2:33] So, how much debt have you guys paid off to date?· $40k in student loans before he met his wife· His wife had $155k from grad school, $20 from Navient account and $97k· Interest is crazy high so even more than that!

[4:53] What is has been your strategy to tackle the debt? Are you trying to pay off the highest interest rate loans first or tackling loans by value?· Read the Dave Ramsey with the Debt Snowball· Uses home equity line of credit to make massive payments· Ultimately big cash flow strategy focusing on largest amount with the largest interest rate some at 8%· Has not refinanced due to federal perks· This is not recommended for everybody as it’s a specific strategy.

[9:51] What are some areas you had to cut back on?· Deciding to live a different lifestyle- which a lot of people might not want to hear J· Focus on what’s important, get rid of cable and gym membership· Stop eating out so much and not take expensive vacations

[13:41] Do you have any strategies for planning a wedding on a budget?· Decided to put wedding off a bit to try save some money· Realization that inviting 200 people to get into massive debt isn’t worth it so invited fewer people and identified their true friends.· Used wedding mix instead of a videographer· All in all was about a $15k wedding

[16:54] What advice do you have for people who also have a ton of debt or are taking out massive loans for school?· If you’re going to assume the debt you should pay the debt· You need to claim responsibility· Be smart with Colleges and decide if the return on investment is worth it

Sponsor

[19:8] Head over to Credible to get up to $200 off your student loans using our affiliate link!

Value Link Round

[19:29] Why do people struggle to achieve their dreams?· Distractions that we see every day like so many ads· There are good and bad distractions· We live in a world of instant gratification and it’s easy to get distracted

[21:4] Do you have any other books or podcasts you can recommend?· Greg Cardone – The 10X Rule· Jeff Olson- The Slight Edge· Dixie Gillaspie- Just Blow it Up· Malcolm Grodwell’s Podcast· The Power of Zero· Marriage Kids and Money – Andy Hill

[23:25] Do you have a favorite quote?· Observe the masses and do the obvious· If nothing changes, nothing changes

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Today’s episode is a bit different because we have a special occasion to celebrate today. Katie’s student loan has been paid off! Yes, you heard it right! Listen about her journey and on what she’s really been trying to achieve.

Travis Hornsby is the chief student loan planner at StudentLoanPlanner.com. He started started Student Loan Planner in October 2016 after helping his wife and her friends figure out their six figure student loans. Travis used to be a bond trader, so he took his excel heavy skill set and built models for how to save money paying back student debt.

Thomas Minter is a 33 year old millennial DINK (Double Income, No Kids), living in an expensive city. My Fiancée and I work hard, and earn a solid living. He started his blog, The City for Millennials, as a platform for urban-dwelling, up-and-comers to discuss ways to DO MORE, MAKE MORE, and SPEND LESS in cities.

Nick Sky is the co-founder of ChangEd, an app that helps student loan holders pay down their debt quicker and more efficiently. ChangEd is design to align with a borrower’s natural spending by facilitating change roundups on everyday transactions and applying those funds to their student loans.

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